Pros
9/80 - Every other Friday is an off day Great people to work around Take care of their employees as best they can within a large company Informative management (upper/executive) This company is a great company with a nice benefits package - 3 weeks vacation from the first year, 1 week plant shutdown over Christmas/New Year and every other Friday off, nice 401K match, healthplan, tuition reimbursement, and upward mobility for those motivated and driven to seek it.
Cons
I would be hard pressed to come up with a legitimate con. Yes, Lockheed and most other companies have their share of challenges, but most are minor in nature. You will likely hear about, as a defense contractor, it is viewed as a volatile employment option, but I believe if you work hard and you happen to be in some department that is being eliminated/reduced b/c of contractual issues, you will likely find an open position somewhere else in the company.